Published on 12/8/2016 in the Prospect News Canadian Bonds Daily and Prospect News Investment Grade Daily.
New Issue: Bank of Montreal sells $1.25 billion of three-year floating-, fixed-rate notes
By Devika Patel
Knoxville, Tenn., Dec. 8 – Bank of Montreal priced $1.25 billion of series C senior medium-term notes (Aa3/A+/AA-) in two parts on Wednesday, according to an FWP filed with the Securities and Exchange Commission.
The bank sold $1 billion of 2.1% three-year notes at Treasuries plus 75 basis points. These notes were priced at 99.957 to yield 2.115%. These notes are non-callable.
The bank also sold $250 million of three-year floating-rate notes at Libor plus 60 basis points. These notes were priced at par.
BMO Capital Markets Corp., BofA Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co. and Wells Fargo Securities LLC were the bookrunners.
The financial services company is based in Toronto.
| Issuer: | Bank of Montreal
|
| Amount: | $1.25 billion
|
| Description: | Fixed-rate and floating-rate medium-term notes
|
| Bookrunners: | BMO Capital Markets Corp., BofA Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co., Wells Fargo Securities LLC
|
| Co-managers: | Barclays, Credit Suisse Securities (USA) LLC, Daiwa Securities America Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Lloyds Securities Inc., Morgan Stanley & Co. LLC, UBS Securities LLC
|
| Trade date: | Dec. 7
|
| Settlement date: | Dec. 12
|
| Ratings: | Moody’s: Aa3
|
| S&P: A+
|
| Fitch: AA-
|
| Distribution: | SEC registered
|
|
|
| Three-year notes
|
| Amount: | $1 billion
|
| Maturity: | Dec. 12, 2019
|
| Coupon: | 2.1%
|
| Price: | 99.957
|
| Yield: | 2.115%
|
| Spread: | Treasuries plus 75 bps
|
| Call: | Non-callable
|
|
|
| Three-year floaters
|
| Amount: | $250 million
|
| Maturity: | Dec. 12, 2019
|
| Coupon: | Libor plus 60 bps
|
| Price: | Par
|
| Yield: | Libor plus 60 bps
|
| Call: | Non-callable
|
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